Workers compensation settlements break down into 2 categories. They are a “Stipulated Finding and Award” or a “Compromise and Release.” The two categories refer to how the case is settled, the Stipulated Find is essentially what the judge would order after the trial and the Compromise completely closes the case.
The workers compensation settlements in a Stipulated Finding Award is really what the decision the judge makes is called. He stipulates a finding, pretty self explanatory. It is entered into voluntarily by each party rather than a judge have to execute the judgment by force.
The main factors for a workers compensation settlement are the percentage of disability the claimant is entitled to and whether or not the injured will need further medical compensation. The percentage of the disability insurance you are able to receive is determined by your doctors as they will evaluate how much of you job performance has been taken away as a result of the accident. The less you can work, the more you are entitled to and vic versa.
It is imperative that you seek legal counsel before beginning the process of making a claim. Whether you have a union rep, or an HR director, whether this is a slip and fall settlements or negligence, whatever the case is – you need a workers compensation lawyer because they know all the workers compensation laws.
The other type of worker compensation settlement is the Compromise and Release. This settlement will completely close the case and eliminates the need for future payments over time. It will also put an end to any future claims to medical benefits. If there is a need for future medical care and you want that to be handled on your own and not by court appointed doctors then you may want to consider this structured payment settlement.
So needless to say the process of getting or filing and then winning workmans compensation settlement claims can be a long road. There are a lot of people not exactly on your side, the insurance company primarily. You have things you need to consider, like how to return to work, how to cover medical bills both now and in the future. You need to know the workers compensation laws and you need to get workers comp lawyers on your side. The workmans comp lawyer knows how to handle your case because they have done it a million times.
People often feel bad calling a lawyer, they feel embarrassed or reluctant because they are concerned about what their coworkers will think, don’t let that be you. I know a lot of people that were too hasty in their claims and ended up with pennies a week to live on. Find a lawyer.